Clean Air Metals Files Audited Annual Financial Statements as at
Clean Air Metals Files Audited Annual Financial Statements as at
January 31, 2022
THUNDER BAY, ON
,
May 31, 2022
/CNW/ - Clean Air Metals Inc. ("
Clean Air Metals
" or the "
Company
") (TSXV: AIR) (FRA: CKU)
(OTCQB: CLRMF) announces that it has filed its audited consolidated financial statements and management's discussion and analysis for the
year ended
January 31, 2022
, available for viewing on
www.sedar.com
.
Year End Financial Highlights
Total assets as at
January 31, 2022
of
$35,059,465
Total cash as at
January 31, 2022
of
$542,573
Working capital deficit as at
January 31, 2022
of
$1,632,099
Shareholder's equity as at
January 31, 2022
of
$31,032,029
The Company subsequently announced and closed
February 23, 2022
, a private placement raising gross proceeds of approximately
$12.5
million
through the issuance of 12,280,800 flow-through units at
$0.285
and 10,869,600 flow-through units at
$0.23
and 32.25 million hard
equity non-flow-through units at
$0.20
.
During the year ended
January 31, 2022
as previously reported, the Company:
Continued with metallurgical studies as a precursor to smelter offtake analysis and underground mine modelling as key inputs into an
independent Preliminary Economic Assessment (PEA) of the Current and Escape deposits, reported
December 1, 2021
with technical
report filed
January 12, 2022
;
Added approximately
37,000m
of expansion and infill drilling to the Escape Deposit and
7,500m
infill drilling to the Current Deposit areas
which with additional drilling in FY2022, will form the basis for a resource update supporting feasibility studies;
Made a payment of
C$1.5 million
to Panoramic Resources Ltd. of
Australia
and two payments of
$1 million
each to Rio Tinto Exploration
Canada Inc. (RTEC), for and on behalf of Benton Resources Inc., pursuant to the terms of the definitive option agreement relating to the
Escape Lake property. The final payment, which was originally due
October 9, 2022
, was accelerated at the Company's option;
Commenced environmental baseline field data gathering in support of a future environmental impact assessment and permitting of the
Thunder Bay North Project. The Company's service providers DST, a Division of Englobe Corp. and NorthWinds Environmental were
mandated to systematically gather and report on baseline data for hydrology (surface waters), hydrogeology (subsurface water table),
noise, water quality, aquatic biology, wildlife biology, weather patterns and potential for metals leaching and acid rock drainage (ARD).
Closed an
$11.5 Million
bought-deal private placement financing on
February 23, 2021
;
Appointed Mr.
Shannin Metatawabin
, CEO of the National Aboriginal Capital Corporation Association as non-executive independent
Director of the Corporation;
Appointed Dr.
Geoff Heggie
as Exploration Manager of the Corporation.
Financial Summary
For the year ended
January 31,
2022
January 31,
2021
Operating Expenses
$ 3,405,191
$ 3,535,976
Net Loss and Comprehensive
Loss
(2,170,832)
(1,273,525)
Loss per share –
Basic and Diluted
$ (0.02)
$ (0.01)
Total Assets
$ 35,059,465
$ 27,146,884
Total Liabilities
4,027,436
3,923,352
Total Shareholders' Equity
$ 31,032,029
$ 23,223,532
Full details of the financial reports and operating results for the year ended
January 31, 2022
are described in the Company's audited
consolidated financial statements with accompanying notes and related Management's Discussion and Analysis, available on SEDAR at
www.sedar.com
.
Qualified Person
Mr.
Geoff Heggie
, P.Geo. a Qualified Person under National Instrument 43-101 and Vice-President Exploration of the Company, has
reviewed and approved all technical information in this press release.
Social Engagement
Clean Air Metals Inc. and its wholly-owned subsidiary Panoramic PGMs (
Canada
) Ltd. acknowledge that the Thunder Bay North Project is on
the traditional territories of the Fort William First Nation, Red Rock First Nation and Biinjitiwabik Zaaging Anishinabek. The parties together
are the Cooperating Participants in a Memorandum of Agreement dated January 9, 2021 (press release
January 11, 2021
) and Exploration
Agreement signed
April 13, 2022
(press release
April 14, 2022
).
The Company appreciates the opportunity to work in these territories and remains committed to the recognition and respect of those who
have lived, traveled, and gathered on the lands since time immemorial. Clean Air Metals is committed to stewarding Indigenous heritage and
remains committed to building, fostering and encouraging a respectful relationship with First Nations, Métis and Inuit peoples based upon
principles of mutual trust, respect, reciprocity and collaboration in the spirit of reconciliation.
About Clean Air Metals Inc.
Clean Air Metals' flagship asset is the 100% owned, high grade Thunder Bay North Project, a platinum, palladium, copper, nickel project
located near the City of Thunder Bay, Ontario and the Lac des Iles Mine owned by Impala Platinum. The Thunder Bay North Project hosts
the twin magma conduit bodies which host the Current and Escape deposits forming the basis for a robust preliminary economic assessment
PEA) filed
January 12
, 2002. The PEA of a ramp access underground mine and on-site 3600tpd milling complex and the 2-year trailing
average price deck, features a pretax NPV5 of
C$425m
and an IRR of 31% on initial capital of
$378m
over a 10-year mine life.
Executive Chair Jim Gallagher and CEO Abraham Drost lead an experienced technical team who are using the Norilsk magma conduit
stratigraphic and mineral deposit model to guide ongoing exploration and development feasibility studies for a low-carbon, all-electric
sustainable mining operation at Thunder Bay North. As the former CEO of North American Palladium Ltd. which owned the Lac des Iles Mine
prior to the sale to Impala Platinum in December 2019, Jim Gallagher and team are credited with the mine turnaround and creation of
significant value for shareholders.
ON BEHALF OF THE BOARD OF DIRECTORS
"
Abraham Drost
"
Abraham Drost
, Chief Executive Officer of Clean Air Metals Inc.
Website:
www.cleanairmetals.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-
looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts
not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future
events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are
subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking
statements, including, without limitation: political and regulatory risks associated with mining and exploration; risks related to the maintenance
of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development
activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill
results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and
the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration,
development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other
risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record.
Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking
statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update
or revise them to reflect new events or circumstances, except in accordance with applicable securities laws. Actual events or results could
differ materially from the Company's expectations or projections.
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SOURCE
Clean Air Metals Inc.
View original content:
http://www.newswire.ca/en/releases/archive/May2022/31/c1634.html
%SEDAR: 00005465E
For further information:
Abraham Drost, Chief Executive Officer of Clean Air Metals Inc., Phone: 807-252-7800, Email:
CO: Clean Air Metals Inc.
CNW 18:58e 31-MAY-22